Finance minister sees difficult H2 for Korea

[THE INVESTOR] The Korean economy will continue to face tough internal and external conditions, the country’s top economic policymaker said on June 17. Speaking at a conference with think tanks, Deputy Prime Minister and Minister of Strategy and Finance Yoo Il-ho said that difficult conditions will continue and that the government will roll out necessary counter measures. Deputy Prime Minister Yoo Il-ho(second from right) is speaking at a conference with think tanks.“Internal and external condit

June 17, 2016

Korea’s trade with China, US declines

 [THE INVESTOR] Korea’s current account surplus with China fell nearly 20 percent last year due to the sluggish growth of the world’s second largest economy, central bank data showed June 17.The current account surplus with China came to $45.14 billion in 2015, a 19.5 percent decline from the previous year’s $56.06 billion, according to data from the Bank of Korea. The figure decreased for two straight years since 2013 when it reached $56.69 billion. Busan PortThe central bank cited a drop in ex

June 17, 2016

Prosecutors search for evidence against agro body chief

[THE INVESTOR] The prosecution raided the office and home of National Agricultural Cooperative Federation chairman Kim Byeong-won on June 17 on suspicion of illegal activities during the election campaign. The NACF is Korea’s largest agroindustry body that counts NongHyup Financial Group among its affiliates. Its chairman is elected among chiefs of regional branches who run for office.NACF chairman Kim Byeong-won.The prosecution suspects that Kim took part in illegal campaign activities during t

June 17, 2016

Goldman Sachs acquires Carver Korea

[THE INVESTOR] Goldman Sachs has bought a majority stake in local cosmetics company Carver Korea in a deal worth some 400 billion won (US$ 341.7 million), an industry source said Friday. A consortium, formed by Goldman Sachs and private equity fund Bain Capital, has struck a deal to acquire more than 50 percent stake in Carver Korea. Before the deal, 60.17 percent shares were owned by the cosmetic maker’s chief executive Lee Sang-rok. Carver Korea, which is well-known here for its beauty product

June 17, 2016

Korean corporates rush to issue new bonds

[THE INVESTOR] Korean companies are scurrying to issue new corporate bonds to raise cheap money as the country’s central bank recently cut its key rate to a historic low.  (Posco Daewoo)POSCO Daewoo, a trading company, is poised to issue new debt worth 100 billion won (US$ 85.5 million) early July in a bid to pay back its 200 billion won worth of bonds that mature on Nov. 16. “We plan to issue the bonds in advance due to the current low interest rate. If the US raises its rate during the second

June 17, 2016

Banks to benefit from LCR rules: experts

[THE INVESTOR] The latest financial regulations released by the government in efforts to secure foreign currency stability met with mostly positive responses from industry watchers.Regarding one of the key features requiring banks to raise their foreign exchange liquidity coverage ratio for banks, experts said the move would eventually lead to reinforcing the health of the banking sector. As a part of the stability plans, financial regulators said local banks will be required to raise their FX L

June 17, 2016